Technology

Naspers shares begin trading on A2X

The shares of Naspers [JSE:NPN] started trading on A2X Markets on Thursday.

A2X, which has been active since October 2017, provides secondary listings for SA companies.

The company said in a statement that it would retain its primary listing on the JSE and its issued share capital would be unaffected by its secondary listing on A2X.

Naspers shares will, therefore, now be available to trade on both the JSE and A2X. There is no cost, risk, or additional regulatory compliance associated with the secondary listing, Naspers said in a statement.

The listing of Naspers on the A2X platform brings the number of companies listed on the A2X to 15, with a combined market capitalisation of almost R2trn.

A2X commenced trading in October 2017 and has nine approved brokers that account for approximately 50% of total market activity.

A2X is a licensed stock exchange regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act.

Naspers announced earlier in December that its shares had been approved to trade on the local A2X stock exchange as a secondary listing with effect from December 27, 2018.

At the time, A2X CEO Kevin Brady said Naspers's decision was "a great endorsement for the merits of a secondary listing".

Naspers CEO Bob van Dijk added in a statement that A2X was one of a growing number of new exchanges leveraging technology in an effort to reduce trading costs and increase market transparency.

By 12:16 on Thursday, Naspers's share price was down 4.10% at R2 835,10.

* Fin24 is part of 24.com, a division of Media24, which is a subsidiary of Naspers.